Today’s cryptocurrency market has generally warmed up, with ENS standing out among the top 100 tokens, at one point surging over 29%. As for the factors driving the price increase of ENS? It may be related to the market’s optimism about the upcoming ENS v2 upgrade, as well as the anticipation for the new brand to be unveiled at EthCC.
(Preface:
ENS announces major upgrade: migrating from Ethereum to L2, integrating TLD top-level domains, tiered registration system… pushing up the coin price
)
(Background supplement:
Vitalik Buterin declares ‘Ethereum’s Orthodox Layer2’: ZK to unify Rollups within 10 years, ENS is the most successful non-financial dApp
)
Article Index
ENS surged up to 29% today
Expectations for the ENSv2 upgrade
Announcement of unveiling a new brand at EthCC
Today’s cryptocurrency market
Generally warming up
, Bitcoin rebounded to a high of $63,694, with a daily increase of over 4% at one point; Ethereum reached a high of $3,524, with a daily increase of over 3%.
However, among the top 100 in market value, the most eye-catching performance was ENS, which Ethereum co-founder Vitalik Buterin praised as one of the most successful non-financial applications.
Note: Ethereum Name Service (ENS) is a decentralized naming protocol based on Ethereum, aimed at mapping long and complex Ethereum addresses (such as 0x1234…abcd) to short and easy-to-remember domain names (such as myname.eth).
CoinGecko data shows that the ENS price rose from a low of $25.62 to a high of $33.05, with a maximum daily increase of 29%. At the time of writing, it temporarily reported $31.61, with the nearly 24-hour increase falling back to 21%; its market value is currently $997 million, ranking 84th in the cryptocurrency market value list.
Additionally, ENS has also soared more than 240% within the past year, leading Ethereum and Bitcoin by 81.6% and 106.4%, respectively.
ENS Price Trend Chart
One of the factors that may have driven the ENS price increase is investors’ optimism about the upcoming ENSv2 upgrade, which is expected to migrate the ENS protocol from the Ethereum mainnet to the Layer2 network, enhancing its scalability and reducing transaction costs. Additionally, ENS has proposed a new “tiered registration system” aimed at more efficiently managing .eth domain names, including managing subdomains and configuring resolvers.
Last week, the official release of an FAQ article regarding the ENSv2 upgrade addressed community concerns and questions. However, the community’s most pressing concerns about which Layer2 network to migrate to and the timing of the migration remain unanswered in this article. According to the official roadmap, the team is currently researching L2 options and writing new contracts for L1 and L2.
Furthermore, ENS officials also announced several developments last week, including a teaser on the 27th that a new brand will be unveiled at the upcoming EthCC (7/8~7/11).
On the 28th, NameStone founder slobo.eth, a project developing ENS subdomains, launched the ENSPro platform, allowing crypto users to register and manage up to 1000 subdomains for free and without Gas fees, applicable to any ENS name, even integrated DNS (Domain Name System) names.
On the 23rd, an announcement was made about the collaboration with Intercap, introducing the traditional internet domain .box into the ENS management application, allowing .box domains to be used not only for internet addresses and emails but also as an on-chain personal Web3 identity. This marks the integration of blockchain technology with the traditional internet, simultaneously sparking market expectations for ENS to possibly integrate .com or more common traditional internet domain names.
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ENS surged over 250% in a single month! Besides the domain service Ethereum Name Service, what other applications are there?
Try it now》Google search already “supports ENS domain names” for a one-click check of your wallet balance.